Spring Statement 2018

Spring is synonymous with change, so March has always seemed a timely month for the Budget. This year, the only major change was the timetable; following moves by the Chancellor to consolidate Budget announcements from twice…

5 Minute Read

Last Updated: 9th February 2022

Spring is synonymous with change, so March has always seemed a timely month for the Budget. This year, the only major change was the timetable; following moves by the Chancellor to consolidate Budget announcements from twice yearly to once, Tuesday 13th March saw Philip Hammond present a much more streamlined Spring Statement.

The Statement, explained Philip as he stood before the House of Commons, is designed to provide updates on progress and launch consultations ahead of the Budget 2018. But, besides a fair share of political point-scoring, did anything meaningful come from the Spring Statement? GoSimple Software have picked out some of the highlights:

Incentives for apprenticeships

The Government has been flying the flag for apprenticeships for some time, and has committed to getting 3 million young people onto these training schemes. But it recognises the challenges that small businesses face when looking to become an approved apprenticeship training provider, which is why the Chancellor announced £80m worth of incentives to help employers adopt schemes over the coming years.

VAT and online payments review

Whilst the Statement included no announcements of sweeping changes to the tax system, Hammond did hint at possible changes to the VAT mechanism – particularly around online payments. A consultation will be launched to review the current system and identify areas for improvement.

It remains to be seen how this will play out. On the one hand, a system that enables VAT to be sent directly to HMRC, removing the administrative burden from businesses, would be good news.

However, Making Tax Digital is already designed to simplify tax for businesses and the self-employed, and further changes could present a further headache for the VAT-registered. So, will this be a help or a hindrance?

Fast-tracked business rates review

In the Budget 2017, Philip Hammond announced that business rates will be reviewed every three years from 2022. However, on the 13th of March the Chancellor announced that he will be bringing forward the next business rate review to 2021, with triennial updates thereafter.

A review of business rates usually comes with winners and losers, so we’ll have to wait and see what happens when this comes around in a few years’ time.

Other points raised in the Spring Statement included:

  • A commitment to cracking down on late payments for small businesses
  • Future reductions in road tax for vans, which is great news for contractors
  • A review of self-funded training for the self-employed
  • Support to help employers with the rollout of T levels
  • Support to reduce the productivity gap of British businesses
  • Renewed commitment to road construction and affordable housing

Overall, the Chancellor kept his cards very much close to his chest in the Spring Statement. We’ll have to hold tight until the Budget 2018 this autumn to find out what is planned for the years ahead, though if the economy continues as it’s predicted to there may be scope to increase public spending.

What were your thoughts to the Spring Statement? Head over to Twitter or Facebook and let us know!

About SimpleTax

SimpleTax is cloud-based tax preparation software designed to make completing your Self Assessment tax return as easy as possible, on the go. For an accurate, hassle-free submission that provides the relevant forms and tailored tips, try SimpleTax today with a 14-day free trial.

Trusted by over 20,000 subscribers

You don't need to be an expert to complete your self assessment tax return.

Find Out More

Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.

5 Excellent Reasons to Choose Us

Discover how to make tax returns a doddle...

Find out more

What is the “basis period reform” and how could it affect you?

20 Sep 2023

Heard of the “basis period reform”? Maybe you haven’t, even though much has been written about it. Admittedly, it sounds rather technical and dull,…

The ultimate expat guide to paying UK tax on rental income via Self Assessment

14 Sep 2023

A reported 5.5m expat Brits live overseas, a third of them in Australia, 28% in the USA or Canada and 25% live elsewhere in…

Could you turn your hobby into a successful business?

10 Aug 2023

Musical types buy and sell vinyl, write songs or make instruments. Arty types paint, take photographs or make ceramic pots. Sporty types cycle, go…

How GoSimpleTax Works


Simply register for free with your full name and email address.

Select Your Income

Select the income you receive and follow the hints and tips for potential tax savings.

Validate Your Information

Validate your personal information and submit directly to HMRC to get confirmation in just seconds.


Work Anywhere, With Any Device

Gone are the days of fretting over a calculator surrounded by scraps of paper at the eleventh hour.

GoSimpleTax’s tax return software uses the information you upload in real time to calculate your income and expenditure, working out the tax you owe and sending you helpful notifications when there’s the possibility of a mistake.

Start your free trial

"The software is intuitive and proved very easy to navigate. I found the whole process refreshingly simple. I saved a lot of money too!"

Steve J.

Ordained Presbyter

"Easy to use and value for money. Everything you need to do your tax."

Gordon J.

Self Employed

"It fills in all the forms and sends them to the Inland Revenue. Not expensive either. Takes the stress out of doing your tax return online."

Ross G.

Team Rector

5 reasons to use GoSimpleTax >